5 Ways To Improve Holiday Flip Schedules
It’s the end of the year and everyone seems to be getting into the holiday spirit. While people are planning to visit their families and stores are decking the aisles with items for sale to move their end-of-the-year inventory, you find yourself busy angling in on a strategy to keep the holidays from affecting your flip schedule too drastically.
Even though a flip is all business, the simple reality is that most people have their mind’s elsewhere during the holidays and other key times of the year.
Fortunately, there are things that can be done to make the holiday season and other special times of the year work to your advantage and keep the momentum of your flip schedule on track.
Make A Holiday Deal
Sometimes in business, you simply have to give a little to gain a lot. Since the holidays are typically a time of giving, it can be the perfect time to offer a generous discount on a property you are trying to flip to motivate a buyer to make an offer on your flip property during the holidays.
While this may seem like you are going out on a limb a bit, the alternative is to do nothing to keep an interested buyer motivated and wait for the holidays to end before you can get the ball rolling on a sale.
This will inevitably lock up your investment capital longer than you may desire to, and that can create other unnecessary problems. Also, remember that the holidays are times when people tend to be concerned more about their finances.
A decent deal always sounds better when people are harboring concerns about what they can and cannot afford. The more affordable you make a deal during these times, the more attractive that deal will look to an interested buyer.
Prepare For Out Of Towners
Another problem that arises around the holiday season is that interested flip buyers will take the opportunity to leave on vacation. Sometimes this means they will be gone for one or more weeks.
This can make it near impossible to contact and work out any further negotiations when you do not know how to keep in touch. In the interest of staying on track with your own time schedule, it is critical to ask them how you can contact them if something comes up when they are away.
This way, your flip schedule will not be turned on its head and leaving you hanging without any way to progress forward. If possible, making sure that all paperwork is finalized before they head out on the open road is another way to keep this from becoming a major time waster.
Keep Everyone Motivated And On Schedule
‘During key times of the year, it may be necessary to come up with strategies that will keep contractors, laborers, vendors, and the buyers focused. The holiday season can present that challenge.
You may be motivated to move forward with a deal, but a buyer can be delayed. Workers may be expecting there are days allotted in the schedule for holiday celebrations. The best practice to ensure everyone stays true to the schedule, is to discuss deadlines and holidays up front.
Before starting a flip at this time of year, be clear with all expectations regarding plans to avoid any confusion or assumptions. The challenge is always to ensure your contractors are staying motivated to complete flip work, and to ensure clients are motivated to buy, especially when the holiday season is upon us.’
Watch For Capital Clearance Issues
During holidays and other times of the year, some people are stuck waiting for their own capital to be freed up to move forward on deals. This is an unfortunate situation, because a highly motivated buyer may simply need time to get the ball rolling, and that can slow things down for you.
One way to think about moving things along is how you can be a party to finding or providing financing for an interested buyer. While there is some risk involved in doing this, you will want to make sure you have some idea as to the financial stability of the buyer in question before considering this type of solution.
The last thing you want is to create a sticky situation for yourself with some sort of financing mess, but in certain situations your providing help in this area may be warranted to ensure your own flip schedule interests will be satisfied.
Prepare For Holiday Hours With Financial Institutions And Other Agencies
It never fails, you were not watching your calendar and the holidays crept up on you from out of nowhere. Just when you need to make some type of financial transaction with a bank or clear the title of a property, the agency or financial institution you would normally work with is closed until the end of the holiday season.
This can be equally problematic if the county recorder’s office is closed when you need specific recorded information about the property—especially if your county’s records are not well organized online for easy access.
While this can be annoying, it is a reminder of how important it truly is to schedule things before the closing of such offices has taken place to avoid technical hang-ups like this.
Contact Orchard Funding Today
Whether it is the holidays or other special time of the year, time is still money. As a professional business-owner in the real estate industry, you are not in business to lose time or money either one. This means that things work best when what happens is what you expect to happen.
When you are trying to stay on track with your flip properties, making sure you can get financing and move on deals quickly and efficiently is the key to keeping your business momentum going strong. It is in these situations that Orchard Funding excels to ensure that everything with the financing process of your organization is executed like a finely oiled machine.
Kick off the holidays and ensure a happy new year by getting set up with Orchard Funding. Call (310) 356 – 7373 today.